How well do we know our statistics? Our unemployment rate has fallen even with large influx of foreigners and this shouldn’t be a surprise because new industries, new markets and new services are always being added, creating a fertile environment for business.
Compare unemployment rates of:
– Singapore 2.30%
– Malaysia 3.7%
– Hong Kong 4.20%
– South Korea 3.70%
– Japan, 5.20%
– Taiwan 5.39%
– America 9.60%
– Norway, 3.60%
– U.K, 7.80%
Unlike countries based on welfare (where the statistics are calculated based on jobless claims), Singapore’s numbers are based on active CPF contribution by an employer. This reduces margin for error where individuals claim “employed” status to gain credit benefit.
So as you can see, unemployment rates for Singapore is not that bad.
Bear in mind, these are statistics from 2010. How would it be like in the future?
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